Caprice Resources (ASX:CRS) has announced a maiden Mineral Resource Estimate (MRE) of 6.16 million tonnes at 2.6 grams per tonne gold for 522,000 ounces of contained gold at its 100%-owned Island Gold Project, located 25 kilometres south of Cue and 50 kilometres north of Mt Magnet in Western Australia's Murchison goldfields.

Key Points

  • Maiden MRE totals 6.16Mt at 2.6g/t Au for 522koz gold, with approximately 52% classified as Indicated Mineral Resource
  • High-grade resource subset of 1.8Mt at 5.8g/t for 340koz gold reported at a 3.0g/t Au cut-off, predominantly hosted at Vadrians
  • Initial MRE delivered at a discovery cost of approximately A$25 per ounce
  • Exploration Target defined at an additional 8–12Mt at 2.0–2.5g/t for 500 to 900koz contained gold across the Island Gold Project
  • Caprice held A$9.5 million as at 30 September 2026, with two rigs active and approximately 25,000 metres remaining of its current 50,000-metre drill campaign

Maiden Mineral Resource Estimate Composition

The MRE comprises two deposits: Central Island at 5.90Mt at 2.6g/t Au for 498koz, including 269koz classified as Indicated, and New Orient at 0.26Mt at 2.8g/t Au for 24koz, classified as Inferred. Central Island accounts for approximately 95% of the maiden MRE, derived predominantly from Vadrians, with minor contributions from the Baxter and Golconda areas. The MRE was prepared in accordance with the JORC Code (2012 Edition), with the Central Island estimate prepared by Mr John Winterbottom of Helena Consulting Pty Ltd. The database was closed on 10 August 2026. Mineral Resources are depleted for modelled underground voids and historical mine workings and reported on a 100% project basis.

High-Grade Vadrians Deposit and Metallurgical Results

The high-grade subset of the MRE totals 1.8Mt at 5.8g/t for 340koz gold at a 3.0g/t Au cut-off, including 228koz at 7.5g/t Au at a 5.0g/t Au cut-off, predominantly hosted at Vadrians and averaging approximately 1,500 ounces per vertical metre. The filing states Vadrians is established as one of the highest-grade undeveloped gold deposits within the Murchison district, with mineralisation remaining open at depth and along strike. Initial metallurgical test work at Vadrians returned gold recoveries of up to 94% using conventional gravity and carbon-in-leach processing, confirming free-milling gold, according to the filing.

Exploration Target and Ongoing Drill Campaign

Caprice has defined a separate Exploration Target of 8–12Mt at 2.0–2.5g/t for 500 to 900koz contained gold across the Island Gold Project, based on conceptual extensions of existing mineralisation. The filing notes the potential quantity and grade of the Exploration Target are conceptual in nature and that it is uncertain whether further exploration will result in the estimation of a Mineral Resource. With approximately 25,000 metres remaining of the company's 50,000-metre drill campaign and two rigs actively operating, the programme is targeting resource growth, infill drilling for improved definition, and new high-grade discoveries. Additional prospective areas identified include the Gap Zone, Western Island, Southern Lake target, and Comet hinge fold targets.